Economic growth falls short of target

Hanoi (VNA) - Vietnam posted an economic growth rate of only 6.23 percent in
2008, 2.25 percent lower than that of the previous year and 0.77 percent lower
than its yearly adjusted plan, according to the General Statistics Office (GSO).

The country's economic growth had earlier been revised downward to 7 percent from
the initial target of 8.5-9 percent due to the global financial turmoil.

GSO General Director Nguyen Duc Hoa told the press on Dec. 31, however, that the
performance was still a success in the current context and it has helped ensure
political stability and social security and order.

Vietnam saw increases in agro-forestry-fishery, industrial and services
production value as compared to the figures of 2007.

The country's eight staples, including rice and coffee, recorded an export turnover
of over 2 billion USD each.

Its trade deficit was 17.5 billion USD, representing 27.8 percent of export turnover.

The poverty rate in 2008 decreased by 1.3 percent over 2007.

Hoa said the Government's eight packages of solutions prove their effective
bringing inflation under control, stabilising the macro economy, and ensuring
social security.

Hoa also acknowledged some limitations and weaknesses that need to deal with,
including the slowdown of economic growth, unstable results of inflation control,
and some urgent social issues such as food shortage, epidemic, food hygiene and
safety, traffic accidents, and environmental pollution.

On the same day, the GSO also released the results of the 2007 survey of economic,
administrative and non-productive establishments, and gave information related to a
census scheduled for April 1, 2009.-Enditem